of Advanced Study in Economics. In 1977, the UGC, as a part of its Area Studies Programme, established at the Institute a Centre of Study of Economics of East European Countries. In the same year, the Reserve Bank of India instituted a chair in finance at the institute. Teaching Although GIPE was primarily a research institute, it was recognised as an institution for higher learning in the field of economics, and it awarded MA, MPhil and PhD degrees in Economics under recognition from the University of Bombay from 1930 to 1949. With the establishment of the University of Pune in 1949, GIPE became a constituent recognised institution of the University of Pune until 1993. Keeping in view its professional standing and scope for further development, the government of India, on recommendation of the University Grants Commission, declared GIPE as ‘Deemed University’ from 9 May 1993. Academic programmes The goal of the institute – to conduct research into the economic and political problems of India and train research workers in these subjects – has been reconceptualised over years so as to confine the activities of the institute to teaching and research in economics alone, leaving aside the political problems of India. However, the applied and empirical research into Indian economic problems and policy evaluations indirectly encompass the political dimensions as well. The curricular content of the ongoing MSc Economics programme offers a blend of core and applied optional courses. The number of subjects per course have been increased from 16 in the MA programme to 20 in the ongoing MSc programme so as to make the courses more rigorous. The student–faculty ratio is 3:1 for the MSc programme. Ph.D. programme The PhD programme, started right from the inception of the institute, still continues with a highly selective intake and hence a limited output. More than 165 students have obtained their doctoral degrees in different branches of economics since the inception of the institute. M.Sc. programmes GIPE offers nationally recognised two-year M.Sc. programmes in Economics, Financial Economics, Agri-Business Economics and International Business Economics & Finance. Students for each of these programmes are selected through a rigorous nationwide entrance exam that test their analytical, reasoning and quantitative skills. The courses offered at GIPE are unique in a sense that they blend crucial theories and their practical applications helping the students to get industry ready. Details of the courses are as follows: M.Sc. (Economics)